https://www.taxtmi.com/caselaws?id=269146 The tribunal ruled in favor of the assessee, setting aside the CIT's order under section 263 of the Income Tax Act for the Assessment Year 2009-10. The original assessment was upheld as correct regarding income from land deals. The tribunal found the CIT's decision to be incorrect concerning unaccounted cash receipts, as the AO was unaware of this information during the initial assessment. Therefore, the appeal was allowed, emphasizing the significance of proper verification and timely information in assessments to prevent erroneous decisions under section 263. en-us Fri, 09 Oct 2015 00:00:00 +0530 Wed, 09 Dec 2015 09:34:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=269146 The tribunal ruled in favor of the assessee, setting aside the CIT's order under section 263 of the Income Tax Act for the Assessment Year 2009-10. The original assessment was upheld as correct regarding income from land deals. The tribunal found the CIT's decision to be incorrect concerning unaccounted cash receipts, as the AO was unaware of this information during the initial assessment. Therefore, the appeal was allowed, emphasizing the significance of proper verification and timely information in assessments to prevent erroneous decisions under section 263. Case-Laws Income Tax Fri, 09 Oct 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=269146